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A new report released by the Canadian Petroleum Producers Association says Canada's energy industry will pay $25 billion over the next 10 years to comply with federal and provincial climate change regulations
.
The association said inefficient and repetitive policies discouraged investment in Canada's oil and gas industry, with companies choosing to move operations to countries
with few plans to reduce emissions.
The Association urged the Ottawa and provincial governments to eliminate duplication of regulations and develop policies
to encourage the development of the energy industry.
Tim McMillan, president and CEO of the association, said in a statement, "Competitiveness remains one of
our biggest challenges.
Unless growth-enhancing regulations are available, investment in Canada's energy sector and jobs for Canadians will continue to be left to other jurisdictions
.
”
McMillan said Canadian drilling operates
"in one of the strictest regulatory environments in the world.
" Risks in Canada's energy sector are "further exacerbated"
due to increased costs, delays and inefficiencies.
The report also said Canada's new emissions regulations are driving up costs
for domestic oil and gas producers.
These regulations have had "serious, unintended consequences"
for entire industries and jobs.
A new report released by the Canadian Petroleum Producers Association says Canada's energy industry will pay $25 billion over the next 10 years to comply with federal and provincial climate change regulations
.
The association said inefficient and repetitive policies discouraged investment in Canada's oil and gas industry, with companies choosing to move operations to countries
with few plans to reduce emissions.
The Association urged the Ottawa and provincial governments to eliminate duplication of regulations and develop policies
to encourage the development of the energy industry.
Tim McMillan, president and CEO of the association, said in a statement, "Competitiveness remains one of
our biggest challenges.
Unless growth-enhancing regulations are available, investment in Canada's energy sector and jobs for Canadians will continue to be left to other jurisdictions
.
”
McMillan said Canadian drilling operates
"in one of the strictest regulatory environments in the world.
" Risks in Canada's energy sector are "further exacerbated"
due to increased costs, delays and inefficiencies.
The report also said Canada's new emissions regulations are driving up costs
for domestic oil and gas producers.
These regulations have had "serious, unintended consequences"
for entire industries and jobs.
